MEFIC REIT’s net profit up 33% to SAR 28 mln in FY2019

01/04/2020 Argaam Exclusive

MEFIC REIT Fund reported a net profit of SAR 28 million (SAR 0.38 per unit) for the fiscal year 2019, a 33% year-on-year (YoY) increase, compared to SAR 21.1 million a year earlier.

 

The fund reported a net operating income of SAR 52.7 million in FY2019 compared to SAR 12.1 million a year earlier.

 



Financials (M)

Item 2018 2019 Change‬
Rental Income 23.53 95.75 306.9 %
Funds from Operations(FFO) 12.07 63.51 426.1 %
Net Income 21.07 27.98 32.8 %
No of shares 73.28 73.28 -
Operating EPS (Riyals) 0.16 0.87 426.1 %
EPS (Riyals) 0.29 0.38 32.8 %

The fund attributed the increase in net profit to higher rental income amounting to SAR 95.8 million during FY2019 from SAR 23.5 million in FY2018.



Interim Comparasion (M)

Compared With The
Item H2 2018 H2 2019 Change‬

Elsewhere, MEFIC REIT Fund reported a net profit of SAR 19.4 million in the second half of 2019 compared to a net profit of SAR 8.6 million in H1 2019, on higher rental income.

 

Income from operations in H2 2019 reached SAR 22.4 million, 26% lower to H1 2019 net profit of SAR 30.4 million.

Balance Sheet (Million)

Item 2018 2019 Change‬
Total Assets 1,253.67 1,352.03 7.8 %
Total Debt 274.94 423.58 54.1 %
Net assets attributable to the Unitholders Item 753.84 754.25 0.1 %
Market value of net assets 759.12 761.50 0.3 %

Net Asset Value (NAV) as of Dec. 31, 2019 stood at SAR 754.3 million while net book value per unit reached SAR 10.29.

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Share Price

MEFIC REIT Fund
4.20
(0.03) (0.71 %)

MEFIC REIT Fund (MEFIC REIT)

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Financial Ratios
Current
Number of Units (Million) 73.28
Net Income/Unit ( Riyal) (0.31 )
Funds from operations/Unit ( Riyal) 0.00
P/E (X) (TTM) NEG
Current Price/FFO (X) 2,608.16
Par Value ( Riyal) 10.00
Price/book 0.61
Asset Growth (%) (3.36 )
Revenue Growth (%) 2.2
Net Income Growth (%) (298.25 )
Adjusted P/E (Last12) (X) Neg
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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 43.67 - 22.95 - 8.62 -
H2 2019 52.09 - 40.56 - 19.36 -
2019 95.75 306.9 % 63.51 426.1 % 27.98 32.8 %

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2018 - - - - - - - -
H2 2018 - - - - - - - -
H1 2019 1,245.86 - 302.32 - 762.46 - 767.29 -
H2 2019 1,352.03 - 423.58 - 754.25 - 761.50 -

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2010 - -
Q4 2010 - -
Q2 2011 - -
Q4 2011 - -
Q2 2012 - -
Q4 2012 - -
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 - -
Q2 2017 - -
Q4 2017 - -
Q2 2018 - -
Q4 2018 - -
Q2 2019 - -
Q4 2019 20.56 9.06

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2018 - - - -
H2 2018 - - - -
H1 2019 0.31 0.12 10.41 10.47
H2 2019 0.55 0.26 10.29 10.39

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